环保与公用事业行业周报：电网投资快速增长，分布式光伏新政落地

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Views - The report highlights rapid growth in grid investment, with a completed investment of 608.3 billion yuan in 2024, representing a year-on-year increase of 15.3% [5][60] - The distributed photovoltaic new policy was officially released, indicating a shift in management methods for distributed photovoltaic projects [5][64] Summary by Sections Market Review - The public utility sector index fell by 0.87%, underperforming the CSI 300 index by 1.41% [11] - The environmental protection sector index decreased by 0.4%, also underperforming the CSI 300 index by 0.94% [11] Industry Dynamics - The report emphasizes the importance of individual stock combinations in the public utility sector, recommending stocks such as China General Nuclear Power Technology, Fuan Energy, and Oriental Electronics [3] - The environmental protection sector is suggested to focus on companies like Jingjin Equipment, Weiming Environmental Protection, and Sanfeng Environment, with an overall industry valuation still at historical lows [73] Key Investment Recommendations - In the public utility sector, China General Nuclear Power Technology is highlighted due to government support for nuclear technology applications and potential synergies with nuclear power and new energy [3][69] - The report suggests focusing on the green electricity operation sector, with specific attention to companies benefiting from new energy projects [69] - For the thermal power sector, companies like Guodian Power and Datang Power are recommended due to increased demand during peak winter periods [69] - The gas sector is expected to benefit from price adjustments in various regions, with recommendations for companies like Fuan Energy and New Energy [70] - The water and nuclear sectors are also highlighted for their stable cash flow and long-term operational guarantees [70] Environmental Protection Sector Insights - The report indicates that the environmental protection industry is transitioning from a broad increase to a focus on selected stocks, with growth and mergers as key themes [73] - Specific companies such as Jingjin Equipment and Weiming Environmental Protection are recommended based on their strong operational capabilities and market positions [74][75]